Tuesday, September 2, 2008

Forbes says Albuquerque will lead nation in home appreciation

N e w M e x i c o B u s i n e s s W e e k l yForbes.com has named Albuquerque as the top market where home prices are likely to rise.The city has experienced housing price declines since they peaked in the third quarter of 2007, and job growth has been flat. Housing starts are expected to drop by 45 percent through 2008, according to Forbes.But Albuquerque is also a city about which homebuilders and economists are “bullish,” writes Matt Woolsey, author of the Forbes.com article.Moody’s site Economy.com is projecting Albuquerque’s job growth through 2012 to be 1.6 percent annually, fueled by low costs and local business expansion, according to Forbes. Housing starts are expected to grow here by 26.6 percent in 2009, according to the National Association of Home Builders.In 2006, Forbes ranked Albuquerque as the Nation’s Best City for Business and Careers. Earlier this year, the city was ranked 13th best in the nation for that same category.